INP-WealthPk

Automobile Sales Show Upward Trend in Current Fiscal

March 18, 2022

By Muhammad Asad Tahir Bhawana ISLAMABAD, Mar. 18 (INP-WealthPK): The automobile sector of Pakistan showed an upward trend during the first eight months of the fiscal year 2021-2022. According to the Pakistan Automotive Manufacturing Association (PAMA), the automobile industry has witnessed a massive increase driven by a growth of 57% in the sales of cars, 51% in jeeps, 6% in tractors, and 82% in trucks. Data shows that the total sales of cars including 1300cc+above, 1000cc and below, hit the highest number of 149,813 compared to 95,139 during the same period of FY 2020-201. Similarly, the sales of trucks and buses also increased and jumped to 4,386 compared to the previous year when 2,639 such vehicles were sold. Moreover, LCVs, vans, and jeeps did not lag behind in terms of their sales. The total number of LCVs, vans, and jeeps sold in the current FY stood at 28,437 as against 18,766 during the same period of the previous year. Similarly, the sales of tractors in the first eight months of FY 2021-2022 also increased to 33,498 compared to 31,576 of last year. However, the growth of two-wheelers and three-wheelers showed a downward trend compared to the previous year. Data shows that the sales of two and three-wheelers were 1,228,540 as against 1,267,844 of the previous year. According to the PAMA data, Toyota cars (category 1300cc and above) led the sales by hitting 38,300 units sold during the first eight months of FY 2021-2022, followed by Honda cars in the same category with sales of 23,552 units. Similarly, in the category of 1000cc cars, Suzuki Cultus led the sales with 17,380 units sold, followed by Suzuki WagonR with 14,812 units. And in the category of 1000cc and below, Suzuki Alto sold the highest number of cars with 43,427 units. Meanwhile, in the category of two-wheelers, Honda company sold the highest number of bikes, with 903,659 units, followed by United Auto Motorcycle, which sold 185,628 units. Experts said that the increase in the growth of cars is mainly due to the single-digit rate of interest and economic recovery. They said the sales of cars will retain upward trend till the end of the current fiscal year because orders of a large number of customers are still pending.